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The Japanese Yen trimmed gains against most of its rivals on Friday after a sharp rise in policy tweaks. The Canadian dollar was stronger as the backing commodity, oil, traded higher on Chinese optimism. Traders look forward to the release of the US PCE data ahead of a long Christmas weekend.
NZDJPY gained +1.17% trimming losses from an 8-day slump to an October low at 82.50. The pair took a breather from a Japanese policy-tweak-inspired dive which was announced by BoJ Governor Kuroda on Tuesday and was cemented by monetary policy meeting minutes. The Japanese National Core CPI rose to 3.7% from 3.6% without a noticeable impact on the market. Further up Bulls may be challenged by the 84.00 psychological resistance while bears may reclaim 82.00 and 79.50 in the short term.
USDCAD traded -0.35 % lower ahead of the Canadian GDP data print and US PCE data later in the day. On Thursday growth data from the US surprised to the upside while jobless claims came in less than expected. The dollar however traded on the softer ground on Friday as a positive risk tone took over. The pair got capped by 1.3660 to the upside while 1.3580 and 1.3500 may be reclaimed by bears in the near term. That said, traders will be anticipating the US New Home Sales data along with Michigan Consumer Sentiment.
EURAUD fell -0.31% from the 1.5900 mark as Australia observes the Christmas Holiday. Earlier on the day, the Australian Private Sector Credit for November came in at 0.5% vs the 0.6% anticipated. In the Eurozone, the Spanish GDP came in mixed with the QoQ Q3 reading at 0.1% vs 0.2% expected and the YoY Q3 reading at 4.4% vs 2.8% surveyed. The pair`s bears may be challenged at the 1.5750 mark and 1.5600. To the upside, bulls may need to break above the 1.6000 level to move higher.
European stocks were steady as traders wind down for the Christmas holiday. FTSE100 advanced by +0.09% as trading activity remains range bound between the 7500 resistance and 7400 support level. CAC40 edged lower by -0.19% as bulls lost steam at the 6600-resistance level and the next key support level to watch out for is the 6400 level. DAX was up by +0.12% after bulls declined from the 14100-resistance level and a break below the 13800 level could give bears the 13500 level.
US stock futures took a breather ahead of US economic data. S&P 500 futures rose by +0.21% after bouncing off the 3800-support level. Upside gains are capped by the 3880 level and a break above that level could give bulls the 3900 level. Nasdaq100 futures were up +0.24% after breaking below the 11000 psychological level and 10800 remains the near-term support. DJIA index futures added +0.26% from the 32700-support level as bulls attempted to recover the 33400 level.
The US 10-Year Treasury Bond Yields soared by +0.87% to the 3.70% region despite a weaker greenback, following strong US GDP data print on Thursday. The benchmark is however capped at the 3.80% and 3.90% resistance.
